MediPharm Labs Provides Stada Medical Cannabis
LP Will Supply One of Europe’s Largest Pharma Companies, Stada Arzneimittel AG – LPC
MediPharm Labs Ltd. signed a deal to provide Stada medical cannabis for the German market, the company announced. Stada Arzneimittel AG is one of the largest pharmaceutical companies in Europe with $3 billion US in revenue (2019).
“This partnership is exactly the type of business MediPharm has been pursuing since its inception,” said Pat McCutcheon, CEO, MediPharm Labs. “We couldn’t be more excited to partner with a company that has the reputation and resources that Stada commands.”
“Working with MediPharm will meet the needs of pharmacists and patients and deliver on Stada’s purpose of caring for people’s health as a trusted partner,” said Stada CEO Peter Goldschmidt. “This partnership with MediPharm demonstrates Stada’s ambition to be the go-to partner for Generics, Consumer Health and Specialty Products.”
The Stada medical cannabis deal is far from the first in Europe for Canadian licensed producers. LPs have made headway into the European market since legalization. That’s thanks largely to Canada’s Gold Standard of ensuring high quality – and high security. Germany has already begun importing medical cannabis from Canada. Several other LPs including Aurora and Canopy Growth entered the European market as well.
Last year, Canopy won a UK cannabis import licence through its subsidiary, Spectrum Therapeutics.
Stada Medical Cannabis Deal Serves a Large Market
With over 83 million inhabitants benefitting from broad access to healthcare services, Germany currently represents roughly 75% of the current E.U. medical cannabis market. In fact, its medical cannabis market is currently valued between €150 million and €175 million, and is expected to grow to €1.5 billion by 2025, according to Forbes. The latest Stada medical cannabis with MediPharm Labs is another step in that direction.
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